Bill Text: VA HB447 | 2024 | Regular Session | Prefiled
Bill Title: Motor vehicle rental and peer-to-peer vehicle sharing tax; disposition.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2024-02-08 - Continued to 2025 in Transportation by voice vote [HB447 Detail]
Download: Virginia-2024-HB447-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §58.1-1741 of the Code of Virginia is amended and reenacted as follows:
§58.1-1741. Disposition of revenues.
A. After the direct costs of administering this article are
recovered by the Department of Taxation, the remaining revenues collected
hereunder by the Tax Commissioner shall be forthwith paid into the state
treasury. Except as otherwise provided in this section, these funds shall
constitute special funds within the Commonwealth
Transportation Fund Special Fund for
Administration of Aviation Laws established by §5.1-51.
Any balances remaining in these funds at the end of the year shall be available
for use in subsequent years for the purposes set forth in this article, and any
interest income on such funds shall accrue to these funds. The revenue so
derived, after refunds have been deducted, is hereby allocated for the construction, reconstruction, and maintenance of
highways and the regulation of traffic thereon purposes described in §5.1-51
and for no other purpose.
B. However, (i) all funds collected from the additional tax
imposed by subdivision A 2 of §58.1-1736 on the rental of daily rental
vehicles and, beginning July 1, 2020, and ending July 1, 2021, an amount equal
to a two and one-half percent tax on peer-to-peer vehicle sharing pursuant to
subsection D of §58.1-1736 and, beginning July 1, 2021, and thereafter, an
amount equal to a three percent tax on peer-to-peer vehicle sharing pursuant to
subsection D of §58.1-1736 shall be distributed quarterly to the county, city,
or town wherein such vehicle was delivered to the rentee or the shared vehicle
driver; (ii) except as provided in clause (iii), an amount equivalent to the
net additional revenues from the motor vehicle rental tax generated by
enactments of the 1986 Special Session of the Virginia General Assembly which
amended §§46.2-694, 46.2-697, and by §§58.1-1735, 58.1-1736 and this section,
shall be distributed to and paid into the
Commonwealth Transportation Fund established pursuant to §33.2-1524, and are hereby
appropriated to the Commonwealth Transportation Board for transportation needs Special Fund for Administration of Aviation Laws
established by §5.1-51; (iii) all moneys collected from
the tax on the gross proceeds from the rental in Virginia of any motor vehicle
pursuant to subdivision A 1 of §58.1-1736 at the tax rate in effect on
December 31, 1986, and an amount equal to a four percent tax on the gross
proceeds on peer-to-peer vehicle sharing pursuant to subsection D of §
58.1-1736 shall be paid by the Tax Commissioner into the state treasury and
two-thirds of which shall be paid into the Commonwealth
Transportation Fund established pursuant to §33.2-1524 Special Fund for Administration of Aviation Laws
established by §5.1-51 and one-third of which shall be
deposited into the Washington Metropolitan Area Transit Authority Capital Fund
pursuant to §33.2-3401; and (iv) all additional revenues resulting from the
fee imposed under subdivision A 3 of §58.1-1736 shall be used to pay the debt
service on the bonds issued by the Virginia Public Building Authority for the
Statewide Agencies Radio System (STARS) for the Department of State Police
pursuant to the authority granted by the 2004 Session of the General Assembly.